What Does Private Hire Insurance Means?
Most of you have heard the term Private & Public hire insurance. But what does it means? The hiring vehicles can be categorized into two types- Private & Public. The public ones are those which are available on the streets. However, you have to book them through the application or call to avail the private one. The vehicles hired by apps like Ola and Uber are the private hire vehicles. Moreover, private vehicles cannot be flagged in the street like public ones.
If you’re willing to start your career as a driver for Public or private hired vehicles, you should need insurance. Moreover, it is mandatory to have vehicle insurance in many countries before taking the vehicle off the road.
What Are Different Private Hire Levels?
As with other existing insurance offered in the market, the private hire can be customized and tailored to the person’s needs.
How Are Public Hire & Private Hire Insurance Different?
When the topic comes to taxi insurance, there are two categories on which a person holds their license: private hire insurance and public hire insurance.
The public hire vehicle is those taxis licensed as hackney carriages and found on the streets and roads. These cabs don’t need pre-booking, and a person can avail the cab directly by making a conversation with the driver.
In this modern era, private hire vehicles have become more common. It can be said that the private hire vehicles have taken the place of typical cars. These taxis cannot be hired directly from the streets or roads and must be booked previously. Applications like Uber are the prime example of private hire vehicles.
However, both private and public hire vehicles require taxi insurance, including the reward cover and level of hire for the taxi owner. The reward cover and hire signifies that the taxi driver can carry the public and their belongings in exchange for a fee.
Once the vehicle is insured, you must submit a copy of the insurance certificate to licensing authority. Moreover, it is advisable to choose the correct license form while applying for a license in a local authority office.
Additional Insurance Cover For Private Taxis
As you’re a taxi driver, the possibility of lending into multiple unpredictable events is high. Therefore, it is advised to get additional insurance covers while taking the private taxi policy. Some of the available options are mentioned and discussed below-
Motor insurance or legal motor insurance helps the user by offering 100,000 euros legal motor cover. This insurance coverage includes personal injury cover and guaranteed replacement of the damaged vehicle.
Being a taxi driver, breakdowns are unpredictable. However, with the help of breakdown cover, taxi drivers can again move to the road in no time. The taxi is the livelihood for the drivers and needs to be repaired as quickly as possible. The breakdown insurance offers roadside repairs to the vehicle. Moreover, if repairs cannot be made roadside, the agents will take the car to the nearest garage to undergo the repairs.
Public Liability Cover
As the name suggests, the public liability cover or insurance helps in case of an accident caused by a public event. This cover is legal and needs to be covered for the passengers you are carrying in the vehicle.
Public Hire Vs. Private Hire Cost?
Most readers will wonder which costs more; public hire or private hire? Well, the cost of public hire insurance is more when compared with private hire insurance. This is because public hire taxis are founded on-road, i.e., these taxis operate in busier areas such as the heart of the city, malls, etc.
According to the statistical report, taxis that operate on busier roads and areas are more likely to get into accidents. In these busier areas, quick lane changing is required to pick up the passenger, increasing the chances of an accident.
Generally, most public hire drivers carry cash bags with a large amount of cash. Therefore, the chances of the bag getting stolen are more.
How To Avail Private Hire Insurance?
Availing private hire insurance is easy, but going through the whole process is tiresome. But don’t worry; you can transform the entire tiresome process into an easy one by taking the help of comprehensive insurance. They are a UK-based insurance comparison firm that links you with the best competitive brokers. They launched their services in 2014 and aimed to offer an accessible approach for finding suitable experts who can address your insurance requirements.
They have collaborated with reliable Financial Authority brokers, who are registered. This ensures that you will get the best competitive price and that your insurance requirements are in safe hands.
How To Avail Cheap Private Taxi Insurance?
Availing of private taxi insurance can be an easier task for individuals; forgetting them cheap can be challenging. The taxi driver drives more than a casual driver, which is a potential reason for increasing the premium. However, there are a few things that can help you in reducing the overall premium price-
By driving safely, the drivers can reduce the overall cost of the premium. In simple words, driving carefully and lawfully can make your premiums stay lower.
Choose A Sensible & Affordable Priced Car
Choosing and purchasing a sensible pricing car for your private hire can decrease the overall cost of the insurance.
Avoid Unnecessary Claiming
If the claim is not essential, then do not claim. In the long run, the claims are going to cost you more. When an individual has no or less claim bonus, the policies’ pricing can go lower for them.
Compare Different Policies
It is essential thing to get a policy on the cheap. You can compare the different private policies available in the market to avail the best approach for yourself in competitive pricing.
Getting stuck with the same policy for years can charge your pocket more. Be smart and go through different available policies to get the best value. Moreover, you can make changes in the policy according to your requirements.
Hello, My name is Shari & I am a writer for the ‘Outlook AppIns’ blog. I’m a CSIT graduate & I’ve been working in the IT industry for 3 years.